By Paul A. Harris
St. Louis, Sept. 9 - Credit Suisse and Deutsche Bank priced $600 million of 5½% senior notes due June 30, 2016 (B1/B-/) issued by Huntsman International LLC at 80.00 to yield 9.567% on Wednesday, according to a market source.
The deal priced on top of yield talk and price talk.
Credit Suisse Securities and Deutsche Bank Securities Inc. were joint bookrunners for the quick-to-market issue.
Huntsman issued the notes to the two banks in June as part of the settlement of a lawsuit related to the proposed and unsuccessful leveraged buyout of Huntsman by Hexion Specialty Chemicals.
The settlement also included a $500 million term loan, which is currently being sold down into the market by the two banks, $620 million in cash and a $12 million reimbursement of litigation costs.
Huntsman is a Salt Lake City-based chemical company.
| Issuer: | Huntsman International LLC
|
| Face amount: | $600 million
|
| Proceeds: | $480 million
|
| Maturity: | June 30, 2016
|
| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse Securities, Deutsche Bank Securities Inc.
|
| Coupon: | 5½%
|
| Price: | 80.00
|
| Yield: | 9.567%
|
| Spread: | 653 bps
|
| Call: | Callable immediately at par
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 14
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A
|
| Price talk: | 80 to yield 9.567%
|
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